Successful Bidder Not Entitled to Blanket Reliefs: NCLAT Dismisses Appeal

Shanti International Vs Ram Singh Setia (NCLAT Delhi) The appeal was filed by a successful bidder challenging an order of the Adjudicating Authority (NCLT Mumbai) which had partly allowed and partly rejected reliefs and concessions sought in relation to the acquisition of a corporate debtor during liquidation. The appellant had sought multiple directions to facilitate transfer of ownership and smooth functioning of the corporate debtor as a going concern. The corporate insolvency resolution process (CIRP) had commenced against the corporate debtor, followed by an order for liquidation. The liq...